Search results
Results from the WOW.Com Content Network
The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the " Long Depression " that weakened the country's economic leadership. [ 1 ]
Reserves held by banks were insufficient to be able to meet seasonal demands in autumn of 1873 as greenback reserves declined from $34 million in September 1873 to $5 million in October 1873. [2] Tensions surrounding the Panic of 1873 between creditors and debtors revived the specie payment resumption debate. Two views dominated this debate.
One of the key themes of the address was the financial panic that began in September 1873, which Grant described as a significant economic crisis. He called for measures to increase the elasticity of the monetary system and to move the nation toward a specie payment system, stating, "We can never have permanent prosperity until a specie basis ...
In the United States, historians refer to the Depression of 1873–1879, kicked off by the Panic of 1873, and followed by the Panic of 1893, book-ending an era of prosperity. The U.S. National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879. At 65 months, it is the longest-lasting ...
In 1873, the government passed the Fourth Coinage Act and soon resumed specie payments without the free and unlimited coinage of silver. This put the U.S. on a mono-metallic gold standard, angering the proponents of monetary silver, known as the silverites. They referred to this act as "The Crime of ’73", as it was judged to have inhibited ...
Coxey's Army marchers leaving their camp. Coxey's Army was a protest march by unemployed workers from the United States, led by Ohio businessman Jacob Coxey.They marched on Washington, D.C., in 1894, the second year of a four-year economic depression that was the worst in United States history at the time.
The Panic of 1873 followed shortly after the passage of the act, and another panic followed in 1893, which continued to affect businesses and investors as of the pamphlet's publish date. Banks continued to close as panicked investors and customers made runs on the bank, forcing them to run out of money, while businesses failed as a result of ...
Jay Cooke was heavily involved in financial scandals with the Canadian government and caused the Prime Minister John A. Macdonald to lose his office in the 1873 election. Cooke's shares in the Northern Pacific Railway were purchased for pennies on the dollar by George Stephen and Donald Smith , who then finished building the Canadian Pacific ...